INIDA AT A STRUCTURAL BREAK
The book presents evidence on the determinants of economic growth in India. There are two major puzzles about the Indian economy: first, why was there so little acceleration in GDP growth despite wide ranging economic reforms introduced in the two-year period 1991 to 1993. Second, what has caused the acceleration in economic growth since 2003. In addition, the book provides evidence to document that savings, investments, and GDP growth in India reveal unambiguous signs of a structural break and hence rejects the hypothesis that 8 per cent plus GDP growth in India is unsustainable.
Dr. Surjit S. Bhalla is Managing Director of Oxus Research and Investments a New Delhi-based economic research asset management and emerging-markets advisory firm. He taught at the Delhi School of Economics and worked at the Rand Corporation the Brookings Institution and at both the research and treasury departments of the World Bank. He has also worked at Goldman Sachs and Deutsche Bank.
Dr. Surjit Bhalla holds a Ph.D. in Economics from Princeton. He is author of Imagine There's No Country: Poverty Inequality and Growth in the Era of Globalization (2002) and has just finished Second Among Equals: The Middle Class Kingdoms of India and China forthcoming Peterson Institute for International Economics (2007). He has been a member of several Government of India committees on economic policy most recently the committee on Capital Account Convertibility. He is on the board of India's largest think tank (NCAER) on the board of Gargi College Delhi University and is an appointed member of the National Statistical Commission of India. His first book Between the Wickets: The Who and Why of the Best in Cricket published in 1987 developed a model for evaluating performance in sports.
Preface; List of Tables; Introduction and Overview; Agriculture Growth in India 1950-2006;Performance of Indian Industry 1960-2006; Investment Rate and the Sustainability of Growth; Infrastructure-A Bottleneck?; Solving the Savings-Investment Puzzle; India's Public Finances; Interest Rates; Inflation and its Implications for Monetary Policy; Indian Economic Growth: 1950-2006;Social Sector Performance; Indian Equity Markets; Conclusions; Comments on the Review by the Discussants; References